state the meaning of 'Contra entry'?
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transaction requires entries on both the debit and the credit sides simultaneously, it is called 'Contra entry'.
Explanation:Usually, the contra entries will appear in the following occasions.
a. When an account is opened with a bank.
b. The firm's cash is deposited in the bank.
c. The cash is withdrawn from bank for office use.
d. The cheques received from debtors, are deposited in the bank.
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